Scenic Hill Apartments
Multifamily | 17 Units | Turnkey with huge value adding potential
Marketing description
Scenic Hill apartments at 321 Grove City Road. This turnkey investment is an extremely nice multifamily apartment building built in 2006. It consists of 17 units total. It features 5 single bedroom units, 11 two bedroom units, and 1 four bedroom unit. Located just outside the quiet town of Slippery Rock PA, this property consistently retains 100% occupancy with quality tenants (not student housing). This is a rare building with stabilized income on day one, with a huge upside for value addition. Please see Investment highlights for details. Email [email protected] directly for additional info and walkthrough videos.
Investment highlights
Current Rent Roll: 100% occupancy
1 Bedroom units:
1B $650 +$100 utility charge
2B $650 +$100 utility charge
3B $650 +$100 utility charge +$35 pet rent
4B $650 +$100 utility charge +$35 pet rent
5B $650 +$100 utility charge
2 Bedroom Units:
1A $600 +$100 utility charge
2A $600 +$100 utility charge
3A $650 +$100 utility charge
4A $600 +$100 utility charge
5A $600 +$100 utility charge
7 $750 (utilities paid by tenant)
8 $800 (utilities paid by tenant)
9 $750 (utilities paid by tenant)
10 $800 (utilities paid by tenant)
11 $800 (utilities paid by tenant)
12 $800 (utilities paid by tenant)
4 Bedroom Unit:
6 $1,000 +$160 utility charge
GROSS $13,230 monthly $158,760 yearly
EXPENSES:
● Repairs $1,678.74
● Trash $2,563.21
● Utilities $23,097.61
● Taxes $16,884.14
● Insurance $5,661.62
CURRENT NOI $108,874.68
VALUE-ADD OPTIONS:
-OPTION 1
This Value-add option include raising low rents to market standards.
Pro Forma is based on actual 2026 local housing authority fair market rents for zip code 16057.
1 Bedroom units 1-5B with utilities included in rent $1034 per unit
2 Bedroom units 1-5A with utilities included in rent $1243 per unit
2 Bedroom units 7-12 with utilities paid by tenant $948
4 Bedroom unit 6 with utilities included in rent $1738
Pro Forma Gross $18,811 monthly $225,732 yearly
Pro Forma NOI $175,849
-OPTION 2
This option involves re-combining apartments 1-5A and 1-5B back into their original floor plan consisting of 4 bedrooms with laundry and utilities already separated to eliminate utility expenses. This would be achieved by removing the door that leads to the lower level.
Pro Forma Rent is based on actual 2026 local housing authority fair market rents for zip code 16057
2 Bedroom Units 7-12 with utilities paid by tenants $948
4 Bedroom Units 1-6 with utilities paid by tenants $1362
GOI $166,320
Expenses:
Repairs $1,678.74
Trash $2,563.21
Utilities $0
Taxes $16,884.14
Insurance $5,661.62
12 Unit Pro Forma NOI: $139,532.29
-OPTION 3
This option involves splitting utilities (water and electric meters) between units 1-5A and 1-5B so all 17 units could be metered separately. Currently there are no contractor quotes for this work to be completed. Buyer to complete their own due diligence regarding this option.
Pro Forma is based on actual 2026 local housing authority fair market rents for zip code 16057.
1 Bedroom units 1-5B with utilities paid by tenant $761 per unit
2 Bedroom units 1-5A with utilities paid by tenant $948 per unit
2 Bedroom units 7-12 with utilities paid by tenant $948 per unit
4 Bedroom unit 6 with utilities paid by tenant $1,362
GOI $187,140
Expenses:
Repairs $1,678.74
Trash $2,563.21
Utilities $0
Taxes $16,884.14
Insurance $5,661.62
17 Unit Split Utility Pro Forma NOI: $160,352.29
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